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Transaction Update: Ohio Air Quality Development Authority - Series 2008-B Apr 12 Product Image

Transaction Update: Ohio Air Quality Development Authority - Series 2008-B Apr 12

  • Published: April 2012
  • Standard & Poors

FEATURED COMPANIES

Abstract
On April 2, 2012, Standard & Poor's Ratings Services raised its rating on Ohio Air Quality Development Authority's State of Ohio pollution control revenue refunding bonds series 2008-B (for the FirstEnergy Nuclear Generation project) due Oct. 1, 2033, to 'AA+/A-1+' from 'BBB-' following the addition of a letter of credit (LOC) from The Bank of Nova Scotia N.A. ('AA-/A-1+'). The 'AA+/A-1+' rating reflects our opinion of the joint support that Bank of Nova Scotia and FirstEnergy Nuclear Generation Corp. (FirstEnergy Nuclear Generation; 'BBB-') provide in the form of an irrevocable direct-pay LOC and a loan agreement, respectively. Under the letter of credit (LOC), Bank of Nova Scotia fully supports all bond payment obligations when the bonds are in a daily...

Companies mentioned in this report are: Ohio Air Qlty Dev Auth
Action: Upgraded

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Ohio Air Qlty Dev Auth

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